Minorplanet Systems has obtained an adjournment of a court hearing to execute a winding up petition to allow it time to sell its UK operations.

The company said discussions with potential buyers remain ongoing and a further announcement will be made in due course.

The board said it believes the group has sufficient funds to meet its immediate financial obligations and can continue to trade during this process.

According to the Financial Times, the Leeds-based maker of vehicle tracking devices is having to sell its two biggest businesses after HM Revenue and Customs called time on its tax liabilities.

The company faced a winding up order from HMRC after falling behind with a payment plan under the government’s “time to pay” scheme, launched in November 2008, to help companies with cash flow problems.

To settle its £2m bill, Minorplanet is putting its UK arm into administration to sell it on to a competitor, reported the FT.

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